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Waitr announces resignations of CFO, 2 board members

Waitr, the on-demand restaurant delivery service, is launching in New Iberia this week.(Photo: Submitted)

Waitr — the Louisiana-based food delivery company — announced Jeff Yurecko, the company's chief financial officer, is resigning his position Nov. 1. Two board members, Sue Collyns and Scott Fletcher, are also resigning, according to a Waitr press release.

Waitr's release said the resignations "were not related to a disagreement with the Company over any of its operations, policies or practices."

“We would like to thank Jeff for his dedication to Waitr and Bite Squad since he joined Bite Squad in 2016,” said Adam Price, Waitr's CEO. “We are grateful for a strong finance and accounting team — including our Chief Accounting Officer Karl Meche who has over 20 years of experience leading accounting, treasury, SEC reporting, internal audit, tax and compliance — who will be a great asset until we find a permanent replacement for Jeff.”

The company has initiated a search process to select a new CFO, and the board is conducting a search to replace the board members.

“Waitr’s unique relationship-based approach, through a three-sided marketplace, as well as the front runner position we have in many of the markets we serve has provided a stable foundation for the Company," Price said. "I continue to be excited about the improvement opportunities sitting in front of the business that we are looking to take advantage of over the next 6, 12 and 24 months."

In September, Waitr President Joseph Stough has announced his resignation. On Sept. 6, days before Stough's resignation, former Louisiana Attorney General Charles C. Foti Jr. announced that his firm was commencing an investigation into Waitr and whether the company "made materially false statements in connection with its going public transaction, its Secondary Offering and in connection with the partial stock based acquisition of Bite Squad."

In August, Waitr's founder and then-CEO Chris Meaux resigned and took a position on the board. The same day, Waitr released its second quarter filings which showed the company was performing below projections and hinted at a potential sale or merger.

The company's second quarter earnings report released Thursday said Waitr has "commenced a review to explore and evaluate potential strategic alternatives to enhance shareholder value." According to the report, these alternatives could include "the disposition of certain assets, a strategic business combination, a transaction that results in private ownership or a sale of the company, or some combination of these."

Waitr reported a second-quarter loss of $24.9 million, after reporting a profit in the same period a year earlier.

On a per-share basis, the company said it had a loss of 34 cents. Losses, adjusted for non-recurring costs, were 31 cents per share.

The food delivery app company posted revenue of $51.3 million in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $54.2 million.

Waitr expects full-year revenue in the range of $210 million to $220 million, a reduction from its earlier estimate of $250 million. In his statement, Price noted "delays" with the $321 million acquisition of competitor Bite Squad, which occurred in late 2018.